Company Valuation: H&R Real Estate Investment Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 4,687 3,220 2,592 2,432 2,686 2,506 - -
Change - -31.3% -19.48% -6.21% 10.47% -6.7% - -
Enterprise Value (EV) 1 4,687 7,283 6,393 6,035 2,686 4,751 4,670 3,816
Change - 55.39% -12.22% -5.6% -55.49% 76.89% -1.71% -18.29%
P/E 7.82x 4.19x 45.2x -21.7x -3.62x 14.3x 10.1x -
PBR - - - - - - - -
PEG - 0.1x -0.5x 0x -0x -0x 0.2x -
Capitalization / Revenue 4x 3.34x 2.6x 2.5x 2.74x 3.63x 3.34x -
EV / Revenue 4x 7.55x 6.41x 6.2x 2.74x 6.89x 6.23x -
EV / EBITDA 7.4x 12.1x 10.2x 9.91x 4.33x 11x 11.6x 11.9x
EV / EBIT - - - - - - - -
EV / FCF 11.6x - 25.2x 25.7x 18.3x -9.98x 161x -
FCF Yield 8.64% - 3.96% 3.89% 5.45% -10% 0.62% -
Dividend per Share 2 0.69 0.54 0.7 0.6 0.6 0.5967 0.5967 0.6
Rate of return 4.25% 4.46% 7.07% 6.47% 5.87% 6.3% 6.3% 6.34%
EPS 2 2.078 2.893 0.2189 -0.4277 -2.827 0.66 0.94 -
Distribution rate 33.2% 18.7% 320% -140% -21.2% 90.4% 63.5% -
Net sales 1 1,172 965 997.8 973.4 980.5 689.7 749.6 -
EBITDA 1 633.6 601.7 627 608.8 620.2 430.6 403.8 320.9
EBIT - - - - - - - -
Net income 1 597.9 844.8 61.69 -119.7 -791.6 132.4 268 -
Net Debt 1 - 4,063 3,801 3,604 - 2,245 2,164 1,310
Reference price 2 16.250 12.110 9.900 9.280 10.230 9.470 9.470 9.470
Nbr of stocks (in thousands) 288,440 265,885 261,868 262,016 262,566 264,637 - -
Announcement Date 2/14/22 2/13/23 2/13/24 2/12/25 2/12/26 - - -
1CAD in Million2CAD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.44x6.91x11.07x6.26% 1.78B
21.82x12.91x15.11x5.72% 15.06B
7.65x13.26x17.13x6.8% 6.06B
11.52x14.1x15.03x5.54% 5.93B
20.15x13.04x14.66x4.79% 5.74B
9.58x14.36x15.34x7.25% 5.54B
8.03x13.47x17.17x6.16% 5.38B
9.13x16.12x19.43x8.79% 5.38B
11.77x10.84x12.42x5.88% 4.75B
Average 12.68x 12.78x 15.26x 6.35% 6.18B
Weighted average by Cap. 14.13x 13.23x 15.56x 6.24%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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